Ethereum was very volatile the other day, and its price dropped exactly as we expected on the Ethereum Dominance Index. The price dropped to the $1,200-$1,190 range, and since it was considered a good support, demand at this level once again drove the price of Ethereum higher. A range area has formed at the time of writing this analysis in the $1220, which is related to the short-term period. The price now trades above $1,210 and the 100 hourly simple moving average. The first Ethereum's major support is $1,190. A break below $1,190 might cause a move toward the $1,150 support. Any more losses could move the price toward the $1,100 level. So if it fails to climb above the $1,230 resistance, it will start another drop. On the other hand, if it breaks the $1,230, it will go for $1,250 and $1,400 resistances.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.